[Table_Info1] 英科再生(688087) [Table_Title] 证券研究报告 / 公司点评报告 经营利润保持增长，越南三期提速推进，分红提升 ---2025 年半年报点评 [Table_Summary] 事件： 2025H1 公司营业收入为 16.66 亿元，同比增长 16.13%；归母净利润为 1.46 亿元，同比下降 6.01%；扣非净利润为 0.93 亿元，同比下降 37.87%。其中，2025Q2 公司营业收入为 8.73 亿元，同比增长 8.98%； 归母净利润为 0.74 亿元，同比下降 11.28%；扣非净利润为 0.46 亿元， 同比下降 42.66%。 此外，公司公告 2025 年半年度利润分配方案，拟每股派 0.1 元（含 税），现金分红总额 0.19 亿元，超过 2024 全年分红金额，分红比例达 13.3%。 点评： 公司净利润同比下滑，主要系今年汇兑亏损而去年同期汇兑盈利所致； 扣非净利润降幅大于归母净利润，主要系公司理财产品结构变化导致今 年计入非经常损益项目增多所致。若剔除汇兑影响，公司经营盈利能 力、收入与净利润均保持同向增长。 单季度营收历史新高，装饰建材、 ...

证券研究报告 英科再生 (688087 CH) 看好公司装饰建材和成品框收入增长 2025 年 8 月 27 日│中国内地 环保及水务 英科再生发布半年报，1H25 实现营收 16.66 亿元（yoy+16.13%），归母净 利 1.46 亿元（yoy-6.01%），扣非净利 9343.54 万元（yoy-37.87%）。其中 2Q25 实现营收 8.73 亿元（yoy+8.98%，qoq+10.18%），归母净利 7350.25 万元（yoy-11.28%，qoq+1.63%），归母净利同比下降主要系人民币相对美 元升值导致产生汇兑损失。公司拟分派 2025 年中期股息 0.1 元/股，分红比 例 13.26%。看好公司越南英科产能提升对成品框和装饰建材板块营收增长 推动作用，维持"增持"评级。 1H25 装饰建材收入同比快速增长，公司整体毛利率 25.27% 分产品看，1H25，公司成品框/装饰建材/再生塑料/环保设备营收同比 +11.0/+38.4/+0.3/-32.9%至 6.80/6.21/3.46/0.11 亿元，成品框和装饰建材收 入合计占总收入的比例高达 78.07%，同比+4.11pp。毛利 ...

8月26日晚，英科再生(688087)发布2025年半年报。报告期内，公司实现营业收入16.66亿元，同比增加 16.13%，其中，前两季度经营业绩逐季连创历史同期新高；净利润1.46亿元；经营性现金流净额2.45亿 元，同比增加17.5%。 目前，英科再生构建起覆盖"回收、再生、利用"三大业务板块的完整产业链，形成"成品框、装饰建 材、再生塑料、环保设备"四大主营产品矩阵。 据公告，报告期内，英科再生成品框营收占比41%，同比增长11%；装饰建材营收占比37%，同比增长 38%。在装饰建材领域，英科再生两大核心产品在渠道资源共享、场景协同赋能上高度契合，在终端渠 道上约有20%—25%的复用空间，充分发挥全产业链与多元产品的优势，多管齐下拓宽市场版图。 从"成品框到装饰建材"的拓展，从"小品类到大赛道"的跨越，英科再生锚定"面向全球消费者提供家居 墙面装饰一站式解决方案"的战略主轴，不断实现新的突破。 海外市场方面，报告期内，英科再生产品整体出口份额接近90%，服务全球超130个国家，其中欧美区 域占比超过70%，经营韧性持续增强。报告期内，英科越南基地营收2.1亿元，同比增长48.89%。英科 再生称，英 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company has announced a restricted stock incentive plan for 2025, granting 7.378 million shares at a price of 12.01 CNY per share, which represents 3.94% of the total share capital at the time of the announcement. The performance targets for 2025-2029 include revenue of no less than 33.63 billion CNY in 2025, increasing to 58.81 billion CNY by 2029, and net profit of no less than 3.53 billion CNY in 2025, reaching 6.17 billion CNY by 2029 [1][2]. - The company expects a compound annual growth rate (CAGR) of 15% for both revenue and net profit from 2026 to 2029, indicating strong confidence in future growth [2]. - The company has shown significant growth in Q1, achieving a 25% increase in revenue despite it being a traditional off-season for foreign trade, driven by new products and strong performance in non-US markets [2]. - The company is the only player in the industry that has innovatively integrated the entire plastic recycling and reuse value chain, establishing strong competitive barriers through advanced technology and a unique business model [2]. Financial Summary - The company forecasts revenues of 2,924 million CNY for 2024, 3,374 million CNY for 2025, and 4,532 million CNY for 2027, reflecting growth rates of 19.09%, 15.42%, and 16.06% respectively [3][11]. - The projected net profit for 2025 is 330 million CNY, with a growth rate of 7.5% compared to 2024, and expected to reach 448 million CNY by 2027, with a CAGR of 19.79% [3][11]. - The earnings per share (EPS) are projected to be 1.76 CNY in 2025 and 2.39 CNY in 2027, with corresponding price-to-earnings (P/E) ratios of 12.26x and 10.24x [3][11].

Core Viewpoint - The company, Yingke Recycling (688087), reported strong financial performance for 2024 and Q1 2025, driven by innovative product development and effective market expansion strategies, highlighting its robust position in the renewable plastic sector [2][8]. Financial Performance - In 2024, the company achieved a revenue of 2,923,741,174.25 CNY, a year-on-year increase of 19.09%, and a net profit of 307,319,470.37 CNY, up 57.07% from the previous year [2]. - For Q1 2025, the company reported a revenue of 792,651,181.88 CNY, representing a 25.19% year-on-year growth, with a net profit of 72,320,392.25 CNY [8]. Product Revenue Breakdown - In 2024, the revenue from the main products included: - Finished frames: 1.312 billion CNY, up 24.37% - Decorative building materials: 916 million CNY, up 31.55% - Particles: 309 million CNY - PET products: 341 million CNY - Environmental equipment: 33 million CNY - High-value home consumer products accounted for over 75% of total revenue, with a gross margin of approximately 30% [3]. Operational Highlights - The company's Vietnam factory has been a significant contributor to its growth, with the first phase fully operational and the second phase under construction, enhancing production resilience amid trade uncertainties [4]. - The company has expanded its sales channels by developing overseas retail stores and participating in international exhibitions, while also leveraging digital marketing strategies [5]. Sustainability Initiatives - The company reduced its carbon footprint by 299,171.53 tons of CO2e in 2024 through global plastic recycling efforts and is implementing green energy technologies, including solar power systems [7]. - It is committed to a comprehensive green development approach across all operational aspects, aiming for a low-carbon and efficient industry chain [7]. Related Transactions - In 2024, the company reported related party transactions amounting to 3.94 million CNY, primarily involving procurement and service agreements, which are deemed necessary for business operations [9]. Market Position and Future Outlook - The company's core business demonstrates strong resilience and sustainability, providing a solid foundation for long-term growth as it continues to expand its global market presence [8].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 26.61 RMB [6][7]. Core Insights - The company reported a revenue of 2.924 billion RMB in 2024, representing a year-on-year increase of 19.09%, and a net profit of 307.32 million RMB, up 57.07% year-on-year, exceeding expectations primarily due to lower financial costs [1][4]. - The company's Vietnam project achieved full production and sales in 2024, contributing significantly to revenue growth, with plans for a second phase expected to enhance future performance [3][4]. - The report highlights rapid revenue growth in decorative building materials and PET products, with a focus on improving the gross margin of PET products, which currently stands at 3.15% [2][4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.924 billion RMB, a 19.09% increase from the previous year, and a net profit of 307.32 million RMB, reflecting a 57.07% increase [5]. - The first quarter of 2025 saw revenues of 793 million RMB, a 25.19% year-on-year increase, with a net profit of 72.32 million RMB, showing a marginal increase of 0.02% [1]. Revenue Breakdown - The revenue from decorative building materials grew by 31.55% year-on-year, while PET products saw a 30.62% increase. However, the gross margin for PET products remains low at 3.15% [2][4]. - The company plans to enhance its recycling network and optimize production processes to improve the gross margin of PET products in the future [2]. Project Developments - The Vietnam project generated 298 million RMB in revenue in 2024, marking a 109.78% increase year-on-year, with net profit rising by 71.75% to 31.04 million RMB [3]. - The company announced an investment of approximately 60 million USD for the second phase of the Vietnam project, which is expected to be completed in 24 months and will significantly increase production capacity [3]. Valuation Metrics - The report projects a net profit of 311.40 million RMB for 2025, with an expected EPS of 1.66 RMB. The target price is based on a PE ratio of 16.0x for 2025 [4][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a revenue growth of 57% in 2024, driven by strong growth in high-value utilization products, with the revenue from finished frames and decorative building materials increasing to 76% of total revenue [7] - The company has a robust global layout and is a pioneer in the recycled plastic industry, focusing on high-value end products and expanding its product categories [7] - The earnings forecast for 2025-2026 has been revised upwards, with net profit estimates increased to 3.86 billion and 4.58 billion respectively, and a projected net profit of 5.41 billion for 2027 [7] Financial Performance Summary - For 2024, total revenue is projected at 29.24 billion yuan, with a year-on-year growth of 19.09%, and a net profit of 3.07 billion yuan, reflecting a 57.07% increase [7] - The sales gross margin for 2024 is expected to be 24.80%, with a net profit margin of 10.51% [7] - The company’s operating cash flow is anticipated to significantly increase, with a net cash flow from operating activities of 956.13 million yuan in Q1 2025, representing a 44.46% increase [7] Product and Market Insights - The revenue from finished frames reached 1.31 billion yuan in 2024, with a 24.37% increase, while decorative building materials revenue grew by 31.55% to 916 million yuan [7] - The company is actively developing new products and expanding marketing channels, which is expected to contribute to steady revenue growth [7] - The company has established a recycling system for bottles and bricks, improving production processes and global marketing channels, which is expected to enhance product gross margins [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 2.924 billion yuan in 2024, representing a year-on-year growth of 19.09%, and a net profit attributable to shareholders of 307.32 million yuan, which is a 57.07% increase [7] - The revenue from high-value utilization products, including finished frames and decorative building materials, increased to 76% of total revenue in 2024 [7] - The company is focusing on expanding its product categories and enhancing its marketing channels, which has led to steady revenue growth [7] Financial Performance Summary - **Revenue Forecasts**: - 2023A: 2.455 billion yuan - 2024A: 2.924 billion yuan (19.09% YoY) - 2025E: 3.393 billion yuan (16.03% YoY) - 2026E: 4.166 billion yuan (22.80% YoY) - 2027E: 4.948 billion yuan (18.76% YoY) [1][8] - **Net Profit Forecasts**: - 2023A: 195.65 million yuan - 2024A: 307.32 million yuan (57.07% YoY) - 2025E: 386.09 million yuan (25.63% YoY) - 2026E: 458.22 million yuan (18.68% YoY) - 2027E: 540.77 million yuan (18.02% YoY) [1][8] - **Earnings Per Share (EPS)**: - 2023A: 1.05 yuan - 2024A: 1.64 yuan - 2025E: 2.06 yuan - 2026E: 2.45 yuan - 2027E: 2.89 yuan [1][8] - **Price-to-Earnings (P/E) Ratios**: - 2024A: 14.36 - 2025E: 11.43 - 2026E: 9.63 - 2027E: 8.16 [1][8] Product and Market Insights - The company has strengthened its competitive edge in high-value utilization products, with finished frames generating 1.312 billion yuan in revenue, a 24.37% increase [7] - The decorative building materials segment saw a revenue increase of 31.55%, contributing 9.16 billion yuan [7] - The company is expanding its rPET production capacity, with 50,000 tons/year already operational and an additional 100,000 tons/year under construction [7]